Amidst Global Crisis, India's Economy Is Fastest Growing: Prez Droupadi Murmu During Budget Session

New Delhi: Today, the Budget Session of Parliament started, and President Droupadi Murmu addressed both the Lok Sabha and the Rajya Sabha together. In her address, President Droupadi Murmu highlighted that despite serious challenges worldwide, India's economy is growing rapidly.

During her address to the joint sitting of Lok Sabha and Rajya Sabha on the first day of the Budget session, she shared that India's economy had maintained a consistent growth rate of 7.8 percent in the first quarter of the current fiscal year (2023-24). (Also Read: Prez Murmu Lauds Govt For Reducing Cost Of Farming And Increasing Profits)

The second quarter, from July to September, saw a further increase with a growth rate of 7.6 percent. (Also Read: We Will Bring Full-fledged Budget After Forming New Government: PM Narendra Modi)

President Murmu emphasized the progress in India's economic standing, stating, "Earlier, India was among the five most fragile economies. Today, we have become the world's fifth-largest economy." She acknowledged the challenges faced globally but underlined India's remarkable economic advancement.

Discussing specific economic indicators, the President mentioned that the inflation rate, which was once at double digits, has now reduced to four percent.

She also highlighted the strength of the banking sector, stating that India now boasts one of the strongest banking systems globally, with only four percent of non-performing assets.

President Murmu shared the government's focus on empowering key pillars for a developed India i.e. the youth, women, farmers, and the poor. She assured that the government is consistently working towards strengthening these pillars.

Referring to the government's priorities, she stated, "The focus remains on continuous efforts under the principles of 'Reform, Perform, and Transform.'